This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Snapchat Set To Price IPO At $17 A Share, Topping Expectations

After weeks of fervent speculation, Snapchat parent company Snap is set to price their initial public offering, topping expectations at $17 a share. CNBC is reporting that—at 200 million shares—this means that the company will have raised $3.4 billion and will be valued at nearly $24 billion. We can already hear the sound of money pouring into the streets of Abbot Kinney. Snap will begin public trading on the New York Stock Exchange Thursday under the symbol "SNAP."
The five-year-old L.A.-based startup's IPO is more than just a BFD milestone for the company; Business Insider is calling it the most high-profile tech IPO in years. Snap, which filed for the IPO in February, had originally estimated that shares would be priced between $14 and $16.
Here's a look at how today's news fits into the soaring upward trajectory of the company’s valuation, courtesy of the Wall Street Journal:
Updated Snap valuation chart!
— Scott Austin (@ScottMAustin) March 1, 2017
IPO puts it at $24 billionhttps://t.co/wqkh3vtBXK pic.twitter.com/ligfG7r2hR